Is Bitcoin Really The Future Of Money? - page 52.

Kesecer

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Quote from: Amial on December 06, 2017, 11:59:23 AM

...backed by supply and demand...

That goes for anything. Please offer me a reasonable explanation why the individuals around the world will reject a low cost, frictionless, censorship proof medium of exchange like Bitcoin?

Response

Kind of like what happens when the US stops giving out loans? There is so much misinformation here, even worse the article was very poor. It is obvious the writer does not understand digital currency on any level and hence should not be writing any articles in relation to them. The value of bitcoin as an exchange medium across country borders is unparalleled at the moment. As for the anonymity it provides, has no one stopped to think the amount this could reduce the fraud budget? Unlike a credit card, when you use bitcoin on the internet you are not exposing your information to fraudulent activity. No one said bitcoin would take over the currency market, but if you think for a second it is not going to play a large role, then you can not possibly understand the currency or its benefits.

Amial

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...backed by supply and demand...

That goes for anything. Please offer me a reasonable explanation why the individuals around the world will reject a low cost, frictionless, censorship proof medium of exchange like Bitcoin?

Bamel

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Quote from: Rludd on December 06, 2017, 11:58:23 AM

Quote from: Aneelal on December 06, 2017, 11:57:53 AM

Quote from: Giric on December 06, 2017, 11:57:05 AM

Quote from: Stianyd on December 06, 2017, 11:56:32 AM

Quote from: Renr on December 06, 2017, 11:55:57 AM

Quote from: Usine on December 06, 2017, 11:55:25 AM

Bitcoin just needs to pivot

As most entrepreneurs know if people think your idea is crazy you are probably onto something. The companies that are emerging around bitcoin usage should look to other markets. Like countries that have unstable governments, like areas in the Middle East and Africa. Bitcoins would be appreciated more there rather than the country's own currency due to the governmental uncertainty. Emerging markets might also be a good place for bitcoin. They might prefer a currency that already has unique markers and system for identification. Areas where they bank just using cellphones might also be a good niche market for bitcoin. It might have been dealt a blow by the Silkroad closure, but it is not going away. Remember that Apple's first computers were crappy children's toys but look at them now.

Computers and bitcoins are two totally differen things

so to make that connection that this can grow to be the leading currency isn't a good analogy. What good are bitcoins as a currency in Africa if it can't trade beyond it's border? Is there any physical wealth backing it up? If a bank won't convert it to cash for you, what value does it have? Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now.You'd do much better mining for gold then bitcoins, as with the fist it is a tangable, physical medium that fluctuates in price.

Response

"Is there any physical wealth backing it up?" William, you've struck the bedrock of what constitutes "value" with the shovel of a stupid question. Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange. You need nothing else. "Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now." It becomes the same as what? Please read Satoshi's original White Paper. I don't think you're correctly understanding the technology behind the protocol.http://bitcoin.org/bitcoin.pdf

In other words...

...it's backed purely by supply and demand. If demand goes away, then the value goes through the floor.

..

What isn't backed by supply and demand? That's how a market operates. Again, Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange.It will never not be (1). The only way (2) will be eliminated is if a more efficient technology comes along, in which case we're all better off.

Bitcoin is only valuable as a medium of exchange

Gold and silver, on the other hand, have many useful characteristics entirely separate from their trading value (even the tobacco traded in 18th century Virginia had that). This is what is meant by "intrinsic value".In other words, bitcoin qualifies as fiat currency, even though it's not imposed or backed by states or even private institutions.

Wrong again John

"Intrinsic value" means something has value in and of itself. Gold has limited intrinsic value as a metal, due to it's specific physical attributes. The Bitcoin protocol has intrinsic value as a means of exchange (a currency), due to specific attributes of the technology. Inevitably, it may begin displacing currencies with inferior properties. After all, money is a commodity like any other, and it must compete for the attention of those who use it.

Rludd

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Quote from: Aneelal on December 06, 2017, 11:57:53 AM

Quote from: Giric on December 06, 2017, 11:57:05 AM

Quote from: Stianyd on December 06, 2017, 11:56:32 AM

Quote from: Renr on December 06, 2017, 11:55:57 AM

Quote from: Usine on December 06, 2017, 11:55:25 AM

Bitcoin just needs to pivot

As most entrepreneurs know if people think your idea is crazy you are probably onto something. The companies that are emerging around bitcoin usage should look to other markets. Like countries that have unstable governments, like areas in the Middle East and Africa. Bitcoins would be appreciated more there rather than the country's own currency due to the governmental uncertainty. Emerging markets might also be a good place for bitcoin. They might prefer a currency that already has unique markers and system for identification. Areas where they bank just using cellphones might also be a good niche market for bitcoin. It might have been dealt a blow by the Silkroad closure, but it is not going away. Remember that Apple's first computers were crappy children's toys but look at them now.

Computers and bitcoins are two totally differen things

so to make that connection that this can grow to be the leading currency isn't a good analogy. What good are bitcoins as a currency in Africa if it can't trade beyond it's border? Is there any physical wealth backing it up? If a bank won't convert it to cash for you, what value does it have? Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now.You'd do much better mining for gold then bitcoins, as with the fist it is a tangable, physical medium that fluctuates in price.

Response

"Is there any physical wealth backing it up?" William, you've struck the bedrock of what constitutes "value" with the shovel of a stupid question. Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange. You need nothing else. "Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now." It becomes the same as what? Please read Satoshi's original White Paper. I don't think you're correctly understanding the technology behind the protocol.http://bitcoin.org/bitcoin.pdf

In other words...

...it's backed purely by supply and demand. If demand goes away, then the value goes through the floor.

..

What isn't backed by supply and demand? That's how a market operates. Again, Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange.It will never not be (1). The only way (2) will be eliminated is if a more efficient technology comes along, in which case we're all better off.

Bitcoin is only valuable as a medium of exchange

Gold and silver, on the other hand, have many useful characteristics entirely separate from their trading value (even the tobacco traded in 18th century Virginia had that). This is what is meant by "intrinsic value".In other words, bitcoin qualifies as fiat currency, even though it's not imposed or backed by states or even private institutions.

Aneelal

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Quote from: Giric on December 06, 2017, 11:57:05 AM

Quote from: Stianyd on December 06, 2017, 11:56:32 AM

Quote from: Renr on December 06, 2017, 11:55:57 AM

Quote from: Usine on December 06, 2017, 11:55:25 AM

Bitcoin just needs to pivot

As most entrepreneurs know if people think your idea is crazy you are probably onto something. The companies that are emerging around bitcoin usage should look to other markets. Like countries that have unstable governments, like areas in the Middle East and Africa. Bitcoins would be appreciated more there rather than the country's own currency due to the governmental uncertainty. Emerging markets might also be a good place for bitcoin. They might prefer a currency that already has unique markers and system for identification. Areas where they bank just using cellphones might also be a good niche market for bitcoin. It might have been dealt a blow by the Silkroad closure, but it is not going away. Remember that Apple's first computers were crappy children's toys but look at them now.

Computers and bitcoins are two totally differen things

so to make that connection that this can grow to be the leading currency isn't a good analogy. What good are bitcoins as a currency in Africa if it can't trade beyond it's border? Is there any physical wealth backing it up? If a bank won't convert it to cash for you, what value does it have? Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now.You'd do much better mining for gold then bitcoins, as with the fist it is a tangable, physical medium that fluctuates in price.

Response

"Is there any physical wealth backing it up?" William, you've struck the bedrock of what constitutes "value" with the shovel of a stupid question. Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange. You need nothing else. "Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now." It becomes the same as what? Please read Satoshi's original White Paper. I don't think you're correctly understanding the technology behind the protocol.http://bitcoin.org/bitcoin.pdf

In other words...

...it's backed purely by supply and demand. If demand goes away, then the value goes through the floor.

..

What isn't backed by supply and demand? That's how a market operates. Again, Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange.It will never not be (1). The only way (2) will be eliminated is if a more efficient technology comes along, in which case we're all better off.

Giric

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Quote from: Stianyd on December 06, 2017, 11:56:32 AM

Quote from: Renr on December 06, 2017, 11:55:57 AM

Quote from: Usine on December 06, 2017, 11:55:25 AM

Bitcoin just needs to pivot

As most entrepreneurs know if people think your idea is crazy you are probably onto something. The companies that are emerging around bitcoin usage should look to other markets. Like countries that have unstable governments, like areas in the Middle East and Africa. Bitcoins would be appreciated more there rather than the country's own currency due to the governmental uncertainty. Emerging markets might also be a good place for bitcoin. They might prefer a currency that already has unique markers and system for identification. Areas where they bank just using cellphones might also be a good niche market for bitcoin. It might have been dealt a blow by the Silkroad closure, but it is not going away. Remember that Apple's first computers were crappy children's toys but look at them now.

Computers and bitcoins are two totally differen things

so to make that connection that this can grow to be the leading currency isn't a good analogy. What good are bitcoins as a currency in Africa if it can't trade beyond it's border? Is there any physical wealth backing it up? If a bank won't convert it to cash for you, what value does it have? Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now.You'd do much better mining for gold then bitcoins, as with the fist it is a tangable, physical medium that fluctuates in price.

Response

"Is there any physical wealth backing it up?" William, you've struck the bedrock of what constitutes "value" with the shovel of a stupid question. Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange. You need nothing else. "Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now." It becomes the same as what? Please read Satoshi's original White Paper. I don't think you're correctly understanding the technology behind the protocol.http://bitcoin.org/bitcoin.pdf

In other words...

...it's backed purely by supply and demand. If demand goes away, then the value goes through the floor.

Stianyd

newbie

Activity: 14

Merit: 0

Quote from: Renr on December 06, 2017, 11:55:57 AM

Quote from: Usine on December 06, 2017, 11:55:25 AM

Bitcoin just needs to pivot

As most entrepreneurs know if people think your idea is crazy you are probably onto something. The companies that are emerging around bitcoin usage should look to other markets. Like countries that have unstable governments, like areas in the Middle East and Africa. Bitcoins would be appreciated more there rather than the country's own currency due to the governmental uncertainty. Emerging markets might also be a good place for bitcoin. They might prefer a currency that already has unique markers and system for identification. Areas where they bank just using cellphones might also be a good niche market for bitcoin. It might have been dealt a blow by the Silkroad closure, but it is not going away. Remember that Apple's first computers were crappy children's toys but look at them now.

Computers and bitcoins are two totally differen things

so to make that connection that this can grow to be the leading currency isn't a good analogy. What good are bitcoins as a currency in Africa if it can't trade beyond it's border? Is there any physical wealth backing it up? If a bank won't convert it to cash for you, what value does it have? Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now.You'd do much better mining for gold then bitcoins, as with the fist it is a tangable, physical medium that fluctuates in price.

Response

"Is there any physical wealth backing it up?" William, you've struck the bedrock of what constitutes "value" with the shovel of a stupid question. Bitcoin has value because, (1) it's scarce and (2) it has specific attributes that make it an ideal store of value and "programmable" medium of exchange. You need nothing else. "Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now." It becomes the same as what? Please read Satoshi's original White Paper. I don't think you're correctly understanding the technology behind the protocol.http://bitcoin.org/bitcoin.pdf

Renr

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Quote from: Usine on December 06, 2017, 11:55:25 AM

Bitcoin just needs to pivot

As most entrepreneurs know if people think your idea is crazy you are probably onto something. The companies that are emerging around bitcoin usage should look to other markets. Like countries that have unstable governments, like areas in the Middle East and Africa. Bitcoins would be appreciated more there rather than the country's own currency due to the governmental uncertainty. Emerging markets might also be a good place for bitcoin. They might prefer a currency that already has unique markers and system for identification. Areas where they bank just using cellphones might also be a good niche market for bitcoin. It might have been dealt a blow by the Silkroad closure, but it is not going away. Remember that Apple's first computers were crappy children's toys but look at them now.

Computers and bitcoins are two totally differen things

so to make that connection that this can grow to be the leading currency isn't a good analogy. What good are bitcoins as a currency in Africa if it can't trade beyond it's border? Is there any physical wealth backing it up? If a bank won't convert it to cash for you, what value does it have? Once it becomes regulated (no banking system will trade in uncontrollable and unregulated currencies) it become the same thing we have now.You'd do much better mining for gold then bitcoins, as with the fist it is a tangable, physical medium that fluctuates in price.

Usine

newbie

Activity: 28

Merit: 0

Bitcoin just needs to pivot

As most entrepreneurs know if people think your idea is crazy you are probably onto something. The companies that are emerging around bitcoin usage should look to other markets. Like countries that have unstable governments, like areas in the Middle East and Africa. Bitcoins would be appreciated more there rather than the country's own currency due to the governmental uncertainty. Emerging markets might also be a good place for bitcoin. They might prefer a currency that already has unique markers and system for identification. Areas where they bank just using cellphones might also be a good niche market for bitcoin. It might have been dealt a blow by the Silkroad closure, but it is not going away. Remember that Apple's first computers were crappy children's toys but look at them now.

Amial

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It might be - in the future - but bitcoin is not money as of yet.

Bitcoin will be money when the speculation on it dies and the value stabilizes to the point you can loan in BTC.

Bamel

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It allows me to make payments around the world with ease. I can't even explain how much better it is than IBAN / Swift!!!!!!!!

Bamel

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Quote from: ameerrosic on November 06, 2016, 05:03:14 PM

Bitcoin has been proclaimed dead 89 times. It has been labeled a Ponzi scheme and a failed experiment. Writers have argued for it to be forgotten and for developers to move on to greener pastures. But moving beyond this rhetoric, it’s not all that difficult to compare the rise of bitcoin to that of another technology: the World Wide Web. http://blockgeeks.com/questions/what-is-your-future-predictions-of-bitcoin/#comment-604

Yes, I it will certainly be the cryptocurrency with more devoted attention ever for quite a long time.

For better understanding of where we are today, drink a bottle of a good wine and watch this youtube video.

But don’t drink all the time, please. Use alcohol with caution and wisely.

dupee419

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For me yes, bitcoin will be the future money because the performance of bitcoin is excellent and it has a high value this days and i assure that the bitcoin will have a bright future. If you use bitcoin to pay or to send from one to another using a online wallet it will transferred easily and i think that the bitcoin is a mother coin of a altcoins hehe

Rludd

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According to the laws of branding by Al Ries and Jack Trout, the brand that becomes the first one to gain massive momentum and popularity in a category, as much as to become a synonym for the entire category, and also a household name, is the brand that will remain a leader in the market because it has filled a box in the consumers’ minds.

Even though there might be more sophisticated cryptocurrencies out there, some or a combination of which may address the shortcomings of bitcoin, the perception for quality and leadership dictates the way the aggregate mind of humanity perceives quality.

The only way for Bitcoin to lose its leadership is if it gets banned by the largest governments and substitututed by government centralized blockchain cryptocurrencies, which would defeat the purpose and premise of cryptocurrencies, so in a way bitcoin is the possible light future of cryptocurrencies.

BitcoinPC

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Quote from: bryanabla on December 05, 2017, 11:46:21 AM

Bitcoin is the digital money and the easiest way to transfer money to another country without paying tax. I believe that Bitcoin is the future of money because it has a big value and it's getting higher everyday. You can change your money here into real money.

Bitcoin is a easiest way to transfer the amount and in this way, people like to use it on online system. It is the best and forever facility that people use it. Then it is not ending of bitcoin, bitcoin has a lot of meaning for people who don't have a jobs, in bitcoin wise, they get a good income and support their families.

ace4549

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Yes, many companies even financial experts or Certified Public Accountants sees the great potential of bitcoin in our industry; therefore if the company and management of bitcoin maintains their excellence and become consistent on what they are doing they can dominate in the whole world and promotes electronic currency.

mabell943

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Yes, there is no doubt about that. Bitcoin shows a great performance in our market which it can play a big role in the society.
Through this many countries can sees the potential of bitcoin and become the standard currency in future.

Derrick

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Quote from: kevpantof on November 21, 2017, 06:57:44 AM

Quote from: duyduc256 on November 12, 2017, 10:35:28 AM

I don't think so. Actually Bitcoin is considered a virtual property and has real value, but if you try to do business with Bitcoin, you will have many problems because every Bitcoin transaction has to be verified and this is very long.

Bitcoins really are the future of money because of their unique concept of decentralized economy. Bitcoins are the globally accepted crypts all over the world. A lot of people are using bitcoins for investments and trading purposes. Most often they use bitcoins for the sale purchase of their products online because world have been globalized enough that everything just comes in your mobile.

Bitcoin have bright future and we can say this sentence by judgeing the previous performance of bitcoin which have given a good result and now due to these good performance bitcoin users are increasing with a fast rate and in future they will get more number of users in the whole world.

mjM2017

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It has to be the future of money. Now people pay with their phones - next is they pay with their phones with a world currency. why not? It makes too much sense.

ghost07

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I think bitcoin will be the future currency of all country that legalize it and recognize as a currency. For now some stablishment use it as a payment maybe in the future they will shoulder bitcoin as a payment to all stablishment and marketplaces.

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